Take Stock – August 7

Finance Minister Jim Flaherty and Bank of Canada governor Mark Carney plan to compare notes with their Chinese counterparts on the global financial crisis when they arrive in China this weekend.

Flaherty, Carney to talk economic stimulus in China

Finance Minister Jim Flaherty and Bank of Canada governor Mark Carney plan to compare notes with their Chinese counterparts on the global financial crisis when they arrive in China this weekend. A senior Finance Department official says the one-week trip will focus on the world economy and how government stimulus spending has fared. There’s also to be talk of how Canada and China’s banking, securities and insurance industries are regulated. Flaherty will meet China’s finance minister, Xie Xuren, and Lou Jiwei, chairman of China Investment Corp. Carney will meet Zhou Xiaochuan, chief of China’s central bank. Flaherty and Carney will be accompanied by Julie Dickson, the Superintendent of Financial Institutions, as well as other key government officials and financial executives.

Canadian natural resources reports Q2 profits at $162M

Canadian Natural Resources Ltd. (TSX:CNQ) said Thursday it recorded a profit during the second quarter of 2009, reversing year-earlier results, despite lower commodity prices and a drop in natural gas sales. The Calgary-based oil and gas company reported net earnings of $162 million or 30 cents per share for the quarter ended June 30. In the corresponding quarter of 2008, Canadian Natural Resources booked a net loss of $347 million or 65 cents per share due largely to $1.3 billion in expenses recorded during the period. Expenses for the most recent quarter totalled $475 million due to foreign exchange fluctuations and risk management activities.

Excluding one-time items, the company reported earnings from operations of $637 million or $1.18 per share, down from year-earlier levels of $960 million or $1.78 per share.

Quarterly revenue fell sharply to $2.8 billion from $5.1 billion recorded a year ago.

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